All Souls Church, Unitarian
Special Meeting on the Proposed Building
Renovations and Financing
April 7, 2013 1:00pm
Proposed Rules for April 7, 2013 Special Congregational Meeting
• Be recognized by the Moderator to speak
• Use microphones to speak, identify yourself
• During open discussion, limit comments and/or questions to 2 minutes
• A member may yield the floor only for the answer to a question
• The moderator will alternate recognition between speakers at the two microphones
• Allow all persons to speak a first time before speaking a second time
• The first 2 pews are for those with disabilities or are hearing impaired
• The motion cannot be amended or divided
• Discussion will end no later than 2:15 p.m.
Renovation Budget Proposal & Priorities
Schematic Design:CAPT Presentation and Recommendation
to the Congregation
April 7, 2013
The Project - $9.5 Million
AccessibilityHighest-priority Envelope Repairs Sustainability & Safety Major Main-level RenovationsMajor Lower-level Renovations
Accessibility• Ramp to Harvard Street main entrance
–Meets ADA grading requirements• Elevator to all three floors• Lower level ramp to the gym gallery and
the Archives• Additional accessible restrooms and
railings
Highest priority Envelope Repairs (including Pierce Hall):• Most-needed façade (brick) repairs• Most-needed roof repairs
(include making solar-ready)• Repairs to windows with
worst frames and panes (most likely 80% of windows)
Sustainability In all renovated areas:• High-efficiency heating & cooling
– Zoned temperature control• Reuse of storm water in Harvard St. patio• High-efficiency lighting• Insulation of ceilings – Sanctuary, Pierce Hall,
and all Second floor
Safety Improvements• Sprinklering in all renovated areas• Security improvements, in and out• Electrical re-wiring
Major Main-level Improvements• Welcoming entrance space• New restrooms, including more stalls for
women• Fully renovated and landscaped terrace• Reclaimed natural ventilation in Pierce Hall
Major Lower-level Improvements• Hamele wing classrooms (with skylights)• Reclaim boiler room for more space• New offices• Additional restrooms• Renovation of the kitchen, to code
Possible (?) Additions ($10M+): Sustainability
Improvement Cost
Lowest priority window repairs $210,000
Green Roof on 15th St. balcony $70,000
Separate HVAC w/ curtain for organ TBD
Replace HVAC for sanctuary $380,000
Possible (?) Additions ($10M+):Added Features
Improvement Cost
Paint sanctuary $45,000
Playground TBD
Archives $100,000
Pierce Hall pantry $45,000
Policy Statement regarding Contracting
In its assessment of the strengths of competing contractors for the Third Century Challenge, All Souls Church will give special consideration to contractors that:• pay fair wages, and at a minimum a living wage, to all
workers;• employ significant numbers of D.C. residents, women,
minorities, people with disabilities, and union workers;• are owned or managed by women or minorities; and• utilize environmentally sustainable construction practices.
adopted by Board of Trustees Sept. 26, 2012
All Souls Church Third Century ChallengeFinancing our Building Renovation
All Souls Investment Committee
April 7, 2013
1. Why and what we need to borrow
• Short-term Borrowing – to pay all construction expenditures before all pledges are received
• Long-term Borrowing – to supplement pledges resulting in a $9.5 million project
192012 2013 2014 2015 2016 2017
PledgePayments
ConstructionInvoices
2. What it will cost
Short term construction Line of Credit: up to $5.5m Depends on construction schedule and pledge fulfillment rate (current est. $4.5million); Longer-term bank borrowing potential: up to $1.5m7 yr loan; 25 yr amortization: amount influenced by
– pledge total vs. needed renovation cost – opportunity costs for once in 50yr project
Debt service $100,000 per year at circa 4.5% ($100,000 is 5.7% of ACS annual operating budget)
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3. How the long-term loan will be paid back
Possible sources of funding for debt service Increased giving levels per congregant Growth in pledging households Increased rental income Reduction in expenses (limited potential)
Possible sources of principal repayment ( 7 year balloon payment due in 2023)
New 7-year mortgage from bank Debt-retirement capital campaign Designated or legacy gifts
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$8,043,515 pledged to date
From 802 congregants
Representing 597 pledge units
Third Century Campaign Current Pledges and Expected Fulfillment
YEAR Annual Inflow Annual Inflow CumulativePledged for yr if 95% Rec'd Inflow Pledged
2011 $378,150.00 359,242.50 $378,150
2012 $1,486,374.00 1,412,055.30 $1,864,524.00
2013 $1,647,075.31 1,564,721.54 $3,511,599.31
2014 $1,384,741.31 1,315,504.24 $4,896,340.62
2015 $1,263,830.31 1,200,638.79 $6,160,170.93
2016 $1,395,691.31 1,325,906.74 $7,555,862.23
2017 $487,653.00 463,270.35 $8,043,515.23
TOTAL $8,043,515.23 7,641,339.47
PLEDGE FULFILLMENT IS KEY TO OUR SUCCESS! Latest Pledge Total if 95% fulfilled Rec'd to date
3-Apr-13 $2,276,292.83 $2,162,478.19 $1,969,388.30
Third Century Campaign Current Pledge Distribution
Under $2500
$2500 to $4999
$5000 to $9999
$10000 to $14999
$15000 to $24999
$25000 to $49999
$50000 to $99999
$100,000 and up
0 50 100 150 200 250
802 congregants have pledged$8,043,515 in total
Mean $10,025/congregantMedian Pledge $5000
Number of ASC congregantspledging at level indicated on left
WHEN WE GO FOR THE BUILDING LOAN,THE BANK WILL WILL WANT TO SEE
TIMELY AND BROAD SUPPORT ACROSS THE CONGREGATION….
If you haven’t yet pledged, please consider even$10 a month =
$120 a year for 5 yrs =$600 Third Century Challenge Gift
IF YOU CAN PLEDGE MORE, PLEASE DO!
REMEMBER:
FULFILLMENT IS KEY TO BUILDING OUR DREAM
All Souls Church authorizes its Board of Trustees:
1. to approve contracts for the project recommended by the Comprehensive Assets Planning Team and approved by the Board of Trustees on March 27, 2013;
2. to modify the project as necessary, in consultation with the Comprehensive Assets Planning Team, so long as periodic Town Hall meetings are held;
3. to seek and approve a bridge loan of up to $5,500,000 through the capital campaign pledge fulfillment period; and
4. to seek and approve a long-term loan of up to $1,500,000.